silver

“‘Rich Dad’s Prophecy’- [Robert Kiyosaki’s] most recent book- predicts that the market will crash around 2016 when the oldest Baby Boomers start cashing out their 401(k) plans. Individuals whose savings are locked into 401(k) plans will suffer because these retirement plans, aren’t flexible and don’t do well in a bear market…”

-CNN.com, October 30, 2002

How many readers out there know who Robert Kiyosaki is? The American entrepreneur, educator, and investor was quite popular back in the early 2000s. I first encountered him while watching public television around that time, sharing financial and investment strategies taught to him by his rich “Dad” and found in his 2000 New York Times best-selling book Rich Dad Poor Dad. Kiyosaki went on to write a number of books, including Rich Dad’s Prophecy in 2002.

Last Tuesday, Robert Kiyosaki appeared on the Alex Jones Show. Kiyosaki talked about his new book, Second Chance, and other subjects, including a certain prediction made about the U.S. stock market next year. From their exchange:

JONES: The world is just crazy at this point. Give us your prognosis for the planet. There’s obviously opportunities for those of us that are studying it. I mean, I going to do better probably than ever as things get worse. But I’m not happy about that, because I know it’s hurting the average person.
KIYOSAKI: Amen. Alex, I would say exactly the same thing. It doesn’t make me happy that I’m getting richer and richer, and I see my friends getting poorer and poorer. I’m very concerned right now about my generation- the Baby Boom generation, the biggest generation in history. And they bought that program of put all your money in a 401(k) and invest for the long term. Now, I wrote a book called Rich Dad’s Prophecy back in 2002. That was 13 years ago. And I said the biggest stock market crash in the history of the world was coming in 2016. I was kind of guessing. But unfortunately, I didn’t write it to be right. I wrote it out of concern. If I’m correct that in 2002 what I said the biggest market crash was coming in 2016, that means millions and millions of Baby Boomers, their kids, their grandkids, will feel the effect of that when their retirement savings are wiped out. I hope I’m wrong. But so far, my numbers look accurate and it’s holding course right now. So I don’t write because I want to be rich or poke fun or want to be righteous. I am rather concerned about my fellow citizens.

I’m just concerned about this possible- I hope it doesn’t happen- but if my “rich Dad” was correct, again, published in 2002 Rich Dad’s Prophecy predicted the biggest crash in the history of the world was coming in 2016. And that’s why I wrote Rich Dad Poor Dad, that’s why I speak, that’s why I write, that’s why I take on the media. But I’m very concerned for my [fellow] citizens. Look, Alex, what happens? Let’s say I’m right- hopefully I’m not. And millions of Baby Boomers lose their pensions, their homes, their jobs- they lose everything. What is the ripple effect throughout the world going to mean to that? We’ve never been here before. Never before has the U.S. dollar, one currency, been the reserve currency of the world- and we’re printing it. The Europeans are printing, Japanese are printing. And you’ve got to look at this and go, “This is not good.” So that’s my concern right now.

So how is Robert Kiyosaki going to fend off the crisis he still sees coming? While taking phone calls from listeners, Kiyosaki revealed:

I like silver personally. I love gold. I have a lot of gold and silver.

Further insight was provided right before the holidays, when Eve Fisher of The Sydney Morning Herald reported:

“The world is in very serious trouble and the next 20 years will not be like the past two decades,” says Kiyosaki, who predicted the downfall of Lehman Brothers investment bank in 2008 and the ensuing GFC.

“I foresee a global currency crash, like the one that ruined Germany in the 1920s, which will wipe out the poor and the middle class – as the rich get richer.

“People will see that money and shares are not real wealth, just paper, and the way to survive is by acquiring assets – like property, resources, gold and other precious metals.”

Farmers will benefit as land and food become highly valued commodities, he says…

Survival And Prosperity readers looking to obtain physical silver these days may want to drop by the website of affiliate marketing partner JM Bullion (reviewed here) to check out their 1 Ounce Sunshine Silver Round Sale going on. From an e-mail I received from JM Bullion Monday:

Sunshine Rounds Just $0.79 Over Spot

This week we are offering the 1 oz Sunshine Silver Rounds for just $0.79 over spot any quantity. Produced and guaranteed by the Sunshine Mint, these .999 fine bullion rounds ship in brand new condition and contain the new and innovative Mint Mark SI anti-counterfeit security feature.

The second installment of Peter Schiff’s Gold Videocast for 2015 is out on YouTube. And Euro Pacific Capital’s Schiff shared his thoughts about what’s been suppressing the price of gold these days. He told viewers:

ObamaCare forces employers to provide insurance for full-time employees. As a result, employers are hiring more part-time workers than they normally would. And that is substantially influencing these numbers. In fact, the real reason that we have such a low unemployment rate and we’re creating so many jobs, is because people are in effect sharing their job. We have a job sharing program…

Traders are ignoring all of the bad economic data that they should be focusing on, and instead just remaining fixated on the job numbers. And I think they are in position to be blindsided when the economy turns around…

So for now, it’s the false belief that the economy is strong, and that the Fed is going to raise rates- based on a misunderstanding of what the jobs’ numbers really mean- that is keeping a lid on the price of gold.

“False belief” plays an additional role in lower gold prices at this time, says Schiff. He added:

One other thing that is happening that should be lifting the prices of gold which is inflationary monetary policies all over the world. You know, more and more central banks are reducing their interest rates, launching their QE programs. Gold prices are rising in terms of those currencies. But the fact that everybody believes the dollar, the U.S. is going to be the lone holdout in the easy money parade- that is what’s keeping gold prices from really going ballistic…

I think we’re going to be leading that parade. Not only are we not going to raise interest rates or not raise them substantially- maybe we get a trivial rate hike although even there I think it’s more likely that we won’t. But we are going to be launching a new QE program- the Mother Of All QEs…

And when the markets realize this, then it’s going to be like taking the lid off the pressure cooker when it comes to the price of gold. And it’s going to be rising sharply. In the meantime, I continue to encourage people to accumulate as much physical gold and silver as they can before the rest of the financial community wakes up to this reality, and they’re rushing to buy these metals at much higher prices.

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

Looking to acquire some silver bullion this weekend? Tucked away in an e-mail I received from affiliate marketing partner JM Bullion (reviewed here) the other day was news of a 10 Ounce A-Mark Silver Bar sale. From the e-mail:

10 oz A-Mark Silver Bars Just $0.79 Over Spot Per Ounce

We are also featuring the 10 oz A-Mark Silver Bar which is available for just $0.79 over spot per ounce. Shipped in brand new condition, each bar is stamped with its .999 fine silver purity mark as well as the mintmark and stamp denoting its ten troy ounces of precious silver.

The JM Bullion website confirms these A-Mark silver bars are available for only 79¢ per ounce over spot, any quantity. It’s also pointed out that this deal is “Available While Supplies Last, Limited Time Only.”

All orders at JM Bullion are shipped completely FREE of charge and include full tracking and insurance.

Click on the banner ad below, where you’ll be taken to the JM Bullion site. Please note that by clicking on the ad and purchasing a product, I receive a commission from the sale.

Regular Survival And Prosperity readers may recall that GoldSilver.com used to be an affiliate marketing partner of the blog. Great company (specializes in the instruction of precious metals investing and providing world-class gold and silver dealer services and products), but they pulled the plug on their affiliate marketing program not too long ago. Anyway, I still receive e-mails from the Santa Monica, California-based operation, and yesterday I watched a video by Mike Maloney, the precious metals expert, advisor, and author who heads up the firm. Maloney has been an advisor to Robert Kiyosaki of Rich Dad Poor Dad-fame, and even wrote a book about investing in gold and silver under the Rich Dad’s Advisors series.

Anyway, in that GoldSilver.com video Mike Maloney discussed the potential ramifications of the Swiss franc being unpegged from the euro last week- among other things. Maloney warned viewers:

Back when we were filming Hidden Secrets of Money, when we started filming it, we did the opening sequence. And in there I said, “We’re entering a period of financial crisis that is the greatest the world has ever seen.” And that is happening today. These shockwaves that could cause the Russian- this could cause another Russian Revolution to happen. We have no idea what’s going to happen. But the shockwave of all these things- the deflationary pressure, the Russian crisis that’s going on, commodities falling, and then the Swiss unpegging from the euro- all happening at once. And by the way, there’s bank runs happening right now in Greece, and four of the largest banks in Greece have asked for assistance from the European Central Bank. So, this is all happening at once. What I think is going to happen is this will smooth out for a short period of time, but then it’s going to get worse again. So these shockwaves, this all undermines the trust in central banks and the trust in fiat currencies…

The central banks are now backed into a corner, and everything that I’ve been predicting is starting to unfold here. It’s unfolding very slowly, and on a scale that’s huge. But it’s not going to be slow forever. There’s going to come a day when slow turns into very fast. And a lot of this stuff happens overnight. For instance, the currency unpeg. Nobody knew it was coming- it happened immediately. And so, these things always end up eventually being good for precious metals. I don’t look forward to the economic chaos that we’re about to go through. But, we’ll get through it, and it will be a different world when we come through the other end. Hopefully, what ends up happening, is free enterprise, free markets, capitalism, and sound money win. That would be the best outcome.

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

After ViaMat, one of the world’s leading precious metals storage firms, notified U.S. customers it would discontinue private storage of precious metals for all clients with a U.S. tax liability, some Survival And Prosperity readers may have been under the impression that also applied to affiliate marketing partner BullionVault (reviewed here). Not so. As a matter of fact, today I want to pass along something I spotted on BullionVault’s website recently that might interest certain readers. From the world’s largest online investment gold service:

Help and information for existing and prospective BullionVault users from the United States

Nearly a quarter of BullionVault’s users are from the US. The vast majority of them have found it straightforward to use BullionVault, but there are some common questions which come up from time to time.

This page attempts to answer those common questions and provide links to other sources of information which might be useful to a US citizen/resident.

The page can be found under “Help,” “Frequently Asked Questions,” “FAQs: For US Residents” on the BullionVault website, which can be accessed via the banner ad below. Please note that I receive a commission on deposits/trades made after clicking on the link:

Early last month I blogged about an interview series with well-known investor Jim Rogers on the Wall Street Daily website that was conducted by Robert Williams, founder of the Baltimore, Maryland-based investment research/market commentary service. Williams followed that up with a three-part interview of Euro Pacific Capital’s Peter Schiff that began on New Year’s Eve and finished just yesterday. Just like that Rogers series, it was pretty insightful stuff.

On December 31, 2014, the Wall Street Daily published “The Real Earthquake Is About to Hit.” That was followed on January 7, 2015, by “When Will the Dollar Bubble Burst?” From an exchange between Williams and Schiff:

WILLIAMS: So what’s our readers to do with their money, Peter? Their 401(k) s, their retirement accounts, their savings accounts? I mean, the markets aren’t safe, the banks aren’t safe, and the dollar isn’t safe. How can someone possibly protect themselves?

SCHIFF: Well, I mean, there’s no way to protect yourself really from the volatility, because, you know, you gotta be – the volatility’s here, but you know, long term, if you understand what’s gonna happen, then what – it’s pretty easy – what to do, and that’s get out of, you know, dollars, and own gold and silver, and own equity stocks in countries that have much sounder economies, you know, structurally sound economies underlying, you know, their markets and, you know, buy a lot of value. You can’t just buy a lot of hyped-up assets that have been propped up by cheap money and the bubble.

So you have to be in the right asset classes, be in the right currencies, be in the right countries, and I think, in the long run, you know, you’ll come out on top but it’s kinda difficult for a lot of people to do because, in the short run, you know, it’s the – you know, the people that are getting it wrong, that have been having their investment strategy validated by price auction because, you know, they have a lot of company. The cloud has got it wrong. There’s not many people in the scheme of things that actually understand what’s going to happen or, you know, if they do, they’re certainly not, you know, investing for that end game. They’re trying to – you know, they’re trying to finesse this and they’re trying to, you know, dance while the music’s playing, but they’re hoping that by the time it stops, they’ll have a safe seat somewhere…

(Editor’s note : Bold added for emphasis)

Yesterday, in “There Are No Safe Havens Left,” Schiff shared with readers where he thought commodities, crude oil, and gold are going in 2015 and beyond.

Head on over to the Wall Street Daily website to read Part 1, 2, and 3 of this nicely-done interview.

(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

The silver market sure is active these days. Looking to acquire physical silver? Affiliate marketing partner JM Bullion (reviewed here) is having a 5 Ounce Sunshine Silver Bar Sale. From an e-mail I received from JM Bullion this morning:

5 oz Sunshine Silver Bars Just $0.89 Over Spot!

On sale this week is the 5 oz Sunshine Silver Bar, which is available for just $0.89/oz over spot for any quantity. As one of the best selling bars in the world, each Sunshine Mint silver bar contains five troy ounces of .999 fine silver and boasts the new and innovative Mint Mark SI anti-counterfeit security feature. We have limited quantities of bars available at this special pricing, so be sure to take advantage while supplies last!

“BullionVault, an online service for investors to buy and sell physical gold and silver, said its Gold Investor Index fell in December to an almost five-year low.

The gauge, which measures the balance of buyers against sellers, slipped to 50.5 from 52.1 in November, the London-based company said in an e-mailed report today. That’s the lowest level since February 2010 and marked the biggest drop since 2013. A reading above 50 indicates more buyers than sellers…”

-Bloomberg.com, January 6, 2015

Regular readers of Survival And Prosperity know that Swiss-born investment advisor/money manager Marc Faber has been a gold bull for some time. And the publisher of the monthly investment newsletter The Gloom Boom & Doom Report is so confident about a rising price of gold in 2015 (in spite of all the negative sentiment among investors) that he made an eye-opening prediction yesterday. Sara Sjolin reported on the MarketWatch website Tuesday afternoon:

“My belief is that the big surprise this year is that investor confidence in central banks collapses. And when that happens — I can’t short central banks, although I’d really like to, and the only way to short them is to go long gold, silver and platinum,” he said. “That’s the only way. That’s something I will do.”

“We simply have highly inflated asset markets. Real estate is high, stocks are high, bonds are high, art prices are high, and interest rates and short-term deposits are basically zero,” Faber said. “The only sector that I think is very inexpensive is precious metals, and in particularly precious-metals stocks.”

(Editor’s note: Bold added for emphasis)

Faber, who became well-known for advising clients to get out of the U.S. stock market one week before the October 1987 crash and for predicting the 2008 global financial crisis, appeared on CNBC’s Squawk Box back on September 19, 2014, and warned viewers:

Today, the good news is we have a bubble in everything, everywhere- with very few exceptions. And, eventually, there will be a problem when these asset markets begin to perform poorly. The question is- what will be the catalyst? It could be a rise in interest rates not engineered by the Fed, because I think they’ll keep interests rates at zero on the Fed funds rate for a very long time… We could have essentially a break in bond markets at some point. We also could have a strong dollar. A strong dollar has already happened in the last two months signifies that international liquidity is tightening. And when that happens, usually it’s not very good for asset markets.

Dr. Faber also sees a potential investing opportunity in emerging markets, which you can read about in Sjolin’s piece on the MarketWatch website here.

(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

The first installment of Peter Schiff’s Gold Videocast for the new year is out on YouTube. And Euro Pacific Capital’s Schiff recapped gold’s performance in 2014 and shared his outlook for the precious metal- along with silver- in 2015. He told viewers:

I think the sentiment situation, the markets, the technicals, are really poised for a very, very big year up in the precious metals in gold and silver for 2015. And nobody is expecting this. We had the sentiment completely in the opposite direction. All the bears were piled onto the same side of the boat. And now it turns out that they got it wrong. And I think they’re going to have to scramble to get to the other side as this illusion rapidly fades. Again, I’ve said this many times, that I’ve never seen a bigger disconnect in the markets- the stock market, the currency market, the precious metal market- between reality and perception. What everybody believes is wrong. And soon, these widely-held beliefs are going to be questioned in a major way and then abandoned. Just like they were with the housing market and subprime when that bubble burst. And just like they were with in dot-com market when that bubble burst. Except that this is a much bigger bubble, and the damage and the fallout on the financial markets will be much greater when this bursts. And therefore, it’s that much more important that investors be properly prepared. And part of that preparation is owning gold and silver.

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

I’m saying that we will have a lot of volatility and a lot of surprises, that’s why I keep on recommending diversification. And I just like to mention that hedge funds in 2014 and active money managers had a bad year. Almost 90 percent of active managers underperformed the S&P 500. And hedge funds, by-and-large, the average is up about 1 percent. But the portfolio that has actually done well is the All Weather portfolio of Bridgewater Associates, because they diversified- they were also in bonds…

So I’m diversified. I still think that the sentiment about stocks in the U.S. is much too bullish, much too optimistic… I think the Treasury market is not such a bad alternative given my view that the global economy is actually slowing down, and given the low yields you have in Japan and Europe.

(Editor’s note: Bold added for emphasis)

Famous for advising clients to get out of the U.S. stock market one week before the October 1987 crash and for calling the 2008 global economic crisis, Dr. Faber told the Bloomberg audience that when it comes to stocks, he prefers to invest in Asia and emerging economies of Asia than in the U.S.

The “crash prophet” added one more thing. Faber said:

I tell you, I prefer physical precious metals stored outside the U.S. But if you cannot own physical precious metals, I believe that whereas the sentiment about the stock market is bullish, and about investments in general, and whereas I believe that most assets are in kind of a bubble- we have a credit bubble- I have to say that sentiment about precious metals is incredibly negative. And all these experts are predicting gold price to drop to $700. Well understood, these are experts that never owned a single ounce of gold in their lives. So they missed the five-fold increase since 1999. But they all know that the price of gold will go to $800- they’re right about it with a lot of authority. And they also say these are people that never gave a gold jewelry to their girlfriends and saw the smile of these beautiful girls after they received the jewelry.

(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

Looking to acquire more physical silver at beaten-down prices? Affiliate marketing partner JM Bullion (reviewed here) is having a 10 Ounce Sunshine Silver Bar Sale. From an e-mail I received from JM Bullion this morning:

10 oz Sunshine Silver Bars Just 85¢ Over Spot!

On sale this week is one of our best selling products, the 10 oz Sunshine Silver Bar, which is now available for just $.85 over spot for any quantity. Produced by the reputable Sunshine Mint, each bar contains ten troy ounces of fine .999 silver and features the popular Sunshine Silver Eagle design. Take advantage of these special savings now as this special pricing is only available while supplies last!

All orders at JM Bullion are shipped completely free of charge and include full tracking and insurance.

Click on the banner ad below, where you’ll be taken to the JM Bullion site. Please note that by clicking on the ad and purchasing a product, I receive a commission from the sale.

Back in late October I recall The Wall Street Journal talking about some comments made by former Federal Reserve Chairman Alan Greenspan to the Council on Foreign Relations concerning gold. I’ve been meaning to look into what Greenspan, who served as Fed Chair from 1987 to 2006, actually said about the precious metal. During lunchtime, I dug up the final version of the transcript from his visit with the CFR in New York City on October 29, 2014. From the exchange between the president of Greenspan Associates LLC and presider Gillian Tett:

TETT: I’m going to turn to the audience for questions in one minute, but before I do though, I just want to ask though, one of the really interesting chapters in your book is about gold. And there’s been a lot of media debate in the past about your views on gold.

You yourself oppose a question as to why would anyone want to buy this barbarous relic — I don’t know whether John Paulson is in the audience — but it’s an interesting question. But do you think that gold is currently a good investment given what you’re saying about the potential for turmoil?

GREENSPAN: Yes.

(LAUGHTER)

TETT: Do you put…

GREENSPAN: Economists are usually perfect in equivocating. In this case I didn’t equivocate. Look, remember what we’re looking at. Gold is a currency. It is still by all evidences the premier currency where no fiat currency, including the dollar, can match it. And so that the issue is, if you’re looking at a question of turmoil, you will find, as we always have in the past, it moves into the gold price.

But the gold price is actually sort of half a commodity price, so when the economy is weakening, it goes down like copper. But it’s also got a monetary characteristic which is instrinsic. It’s not inbred into human beings — I cannot conceive — of any mechanism by which you could say that, but it behaves as though it is.

Intrinsic currencies like gold and silver, for example, are acceptable about a third party guarantee. And, I mean, for example at the end of World War II, or just at the end of it, Germany could not import goods without payment in gold. The person who shipped the goods in would accept the gold, and didn’t care whether there was any credit standing — associated with it. That is a very rare phenomenon. It’s — it’s the reason why, for example, in a renewal of an agreement that the central banks have made — European central banks, I believe — about allocating their gold sales which occurred when gold prices were falling down, that has been renewed this year with a statement that gold serves a very important place in monetary reserves.

And the question is, why do central banks put money into an asset which has no rate of return, but cost of storage and insurance and everything else like that, why are they doing that? If you look at the data with a very few exceptions, all of the developed countries have gold reserves. Why?

TETT: I imagine right now, it’s because of a question mark hanging over the value of fiat currency, the credibility going forward.

GREENSPAN: Well, that’s what I’m getting at. Every time you get some really serious questions, the 50 percent of the gold price determination begins to move.

TETT: Right.

GREENSPAN: And I think it is fascinating and — I don’t know, is Benn Steil in the audience?

TETT: Yes.

GREENSPAN: There he is, OK. Before you read my book, go read Benn’s book. The reason is, you’ll find it fascinating on exactly this issue, because here you have the ultimate test at the Mount Washington Hotel in 1944 of the real intellectual debate between the — those who wanted to an international fiat currency which was embodied in John Maynard Keynes’ construct of a banker, and he was there in 1944, holding forth with all of his prestige, but couldn’t counter the fact that the United States dollar was convertible into gold and that was the major draw. Everyone wanted America’s gold. And I think that Benn really described that in extraordinarily useful terms, as far as I can see. Anyway, thank you.

TETT: Right. Well, I’m sure with comments like that, that will be turning you into a rock star amongst the gold bug community…

(Editor’s note: Bold added for emphasis)

I’m not sure if the above will mean Greenspan is now a rock star among the “gold bugs”- he’s still considered by many as being a habitual asset bubble blower. But such a high-profile individual within the global financial community lending support to the ideas that gold is a currency and currently a good investment will no doubt anger a number of gold bears and haters.

You can read the entire transcript of Greenspan’s visit to the CFR on their website here.

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

Survival And Prosperity readers looking to acquire more physical silver at the beaten-down prices these days may want to drop by the website of affiliate marketing partner JM Bullion (reviewed here) to check out their 1 Ounce Sunshine Silver Round Sale going on. From an e-mail I received from JM Bullion this morning:

1 oz Sunshine Silver Rounds Just 85¢ Over Spot!

This week we are featuring the 1 oz Sunshine Silver Round which is available for just $0.85 over spot for any quantity. These 1 oz Sunshine silver rounds, version V2 with anti-counterfeit feature, are available in brand new condition and contain .999 pure silver. This special pricing is only available while supplies last, so be sure to take advantage now.

All orders at JM Bullion are shipped completely free of charge and include full tracking and insurance.

The last time JM Bullion had a sale on these silver rounds from Sunshine Mint, they sold out before I was able to inform readers of the special. So if you’re interested in the deal, stop on by the JM Bullion website as soon as possible.

Click on the banner ad below, where you’ll be taken to the JM Bullion site. Please note that by clicking on the ad and purchasing a product, I receive a commission from the sale.

“Swiss voters overwhelmingly rejected an initiative on Sunday that would have forced the country’s central bank to hold one-fifth of its assets in gold, a move that would have eroded its ability to conduct monetary policy.

Citing projections from results in 19 of the country’s 26 cantons, Swiss television said roughly 78% of voters opposed the initiative, dubbed ‘Save Our Swiss Gold.’ The gold initiative would have also barred the Swiss National Bank from selling gold in the future…”

-The Wall Street Journal website, November 30, 2014

I hadn’t been paying too much attention to that Swiss vote on gold. But after the mainstream financial news outlets cheered the Swiss citizens rejecting the initiative, I thought this could rank right up there with the United Kingdom selling off half its gold reserves in 1999 when the precious metal was valued at only $300 an ounce- a 20-year low at the time.

In other words, a move the Swiss may very well come to regret in the coming years.

To each their own, I always say.

And Wednesday, the CEO of Euro Pacific Capital, Peter Schiff, shared his thoughts about Switzerland’s rejection of the yellow metal. From his December 3 SchiffGold “Gold Videocast” entry on YouTube.com:

I actually believe that the “no” vote- from the long-term perspective- is even more bullish for the price of gold than had Switzerland voted to back their currency with 20 percent gold…

Thinking about it from a historical perspective, if there’s a chance that we saw the lows for the entire gold move on Sunday night, it would be ironic, and then I think makes a lot of sense, that the Swiss “no” vote on adopting even a modified gold standard would mark the low point for gold. Just like you have the Bank of England dumping a bunch of gold at the lows, I mean, central banks or actions around central banks sometimes mark key points. And the fact that the Swiss said “no” to gold, “we don’t want it,” that may be the day that gold actually bottomed out and now we’re resuming the bull trend. Only time will tell whether that is the case. But again, if it’s not the absolute bottom, I think it’s close enough not to worry about it, and I think that people need to be buying the gold that the Swiss citizens just told their bank not to buy. And not only the gold, silver. Because if gold goes up, silver’s going up. So buy both metals.

(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

From My Other Blog

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